- Headquarter : United States
- Regulation : None
FXAuto by Tradency is another Forex auto trading system available to Forex traders. The concept is simple, many traders want to benefit from the world’s largest financial market, but do not have the time or will to start learning and studying the market.
For traders like this or just people who do not want to be stuck staring at their monitors, but rather want to enjoy the benefits of Forex with the flexibility of knowing your account is being handled by market experts, FXAuto was created.
Before I get into the system itself, which really is the most important factor when it comes to auto trading, there were some things about FXAuto that rubbed me the wrong way.
When first testing out FXAuto, I kept facing obstacles when searching for new systems to add. After contacting support and receiving a relatively quick reply, it turns out the trading system only supports Internet Explorer 7/8 and Firefox 2/3. Traders cannot use the FXAuto system with Chrome, Safari, or Opera. This to me is a huge disadvantage, and one that might make traders hesitant to trade with FXAuto. The fact that these browsers are not supported in and of itself is not the end of the world, but it says something about a broker when they do not stay up to date with the latest trends. Chrome has a relatively large number of users and Mac users generally surf using Safari, so these browsers should be supported. Generally speaking, when I encounter a website that does not work in Chrome, I immediately close the site and move on. Not something FXAuto wants its customers to do.
Moving along, I found their site in general to be very old fashioned and full of errors. To name a few examples, when accessing FX-Auto.com, I did not see a Login button to enter my information. There seems to be an entirely different URL to access the system, something that is unclear to me. Additionally, I encountered numerous spelling mistakes such as “Video Toutorials” instead of “Tutorials”, which once again, raises a red flag as to the type of broker we are dealing with.
Other issues I had with FXAuto was a lack of chat, which strangely enough, I could have sworn was there at times and gone at others. I came across other inconsistencies on the site, such as bugs that prevented the video tutorials from working, as well as repetition in the various videos. All in all, the site failed to impress me, which made me worry about the actual trading.
The trading system, however, is a different story entirely. I will not say it is the best system I have ever used, but it is more than adequate and offers many advanced features for the Forex trader.
The basic principle is that you can quickly and easily add systems to your portfolio. Those systems will then open positions based on their specific Forex strategy, which is supposed to be a strategy formulated by market experts.
In addition to the auto trading or “Mirror trading” as they refer to it, you can also add manual positions based on based on pair and amount. When opening a manual position, you can add a Stop Loss and Take Profit, and define whether to buy or sell the currency.
The best part of the Auto-FX trading is what they call their System Seeker, which enables you to effectively select the system that will be trading for you. You can select the system based one of various criteria, such as Time Frame (system’s age), Pips (profit), and Max DD (how much this system has lost in one trade). You can also click Open More Options and drill down even further with characteristics such as the actual pair or number of trades placed by the system.
Once you select the system or open a manual trade, the open positions appear in your Current Positions. The trading platform includes many other tabs, which I found to be less relevant to your daily trades.
All in all, the trading system is pretty easy to master and does not include a steep learning curve. With over 100 available systems, a relatively intuitive platform, and a basic overall website, FXAuto will most definitely appeal to many traders.
One thing is for sure, with minimal tweaking to the site, some minor improvements to the trading environment, and a few additions to the overall customer support, this broker has some major potential to become a top Forex Auto Trader.
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